Article 29 Banked or borrowed CRTS allowances of former CRTS participants
This article applies to a person who—
was a CRTS participant, or a member of a pool CRTS participant, for a scheme year;
is no longer a CRTS participant or a member of a pool CRTS participant for the subsequent scheme year; and
has banked CRTS allowances standing in their name in the registry or has not yet accounted for borrowed CRTS allowances in accordance with article 15.
In this article, a person described in paragraph (1) is referred to as a “former CRTS participant”, and the first scheme year for which the person no longer participates in the CRTS, as described in paragraph (1)(b), is referred to as the “first non-participation scheme year”.
A former CRTS participant may dispose of a banked CRTS allowance referred to in paragraph (1)(c) through trading in accordance with article 25 during the trading window which follows the first non-participation scheme year, as if references in that article to a CRTS participant (except for the reference in paragraph (3)(b)) include the former CRTS participant.
A former CRTS participant must account for a borrowed CRTS allowance referred to in paragraph (1)(c) in accordance with article 15 before the end of the trading window which follows the first non-participation scheme year.
A former CRTS participant may comply with the obligation in paragraph (4) by—
surrendering a banked CRTS allowance;
acquiring a CRTS allowance or CRTS credit during the trading window which follows the first non-participation scheme year through trading in accordance with article 25 or 26, as if references in those articles to a CRTS participant include the former CRTS participant, and surrendering that allowance or credit; or
making a payment in accordance with article 28.